February 6, 2023

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Cambio prices rise again;  40 Saudi riyals for US dollars and euros is not impossible

Cambio prices rise again; 40 Saudi riyals for US dollars and euros is not impossible

Cambio prices in Suriname have risen again to an unprecedented level. According to many economists, the increase is due to the fact that the demand for foreign exchange is still greater than the supply. They claim that an exchange rate higher than 40 Saudi riyals for US dollars and euros is not impossible.

In the Cambio, the US dollar was bought today between 31.65 and 31.75 Saudi riyals and sold between 32.10 Saudi riyals and 32.25 Saudi riyals. For purchases of $10,000 and more, a higher rate is used.

The euro is bought between 32.50 Saudi riyals and 32.60 Saudi riyals and sold at a price between 32.80 Saudi riyals and 33 Saudi riyals. When buying 10,000 euros and more, a higher exchange rate is used, just like with US dollars.

The non-cash exchange rate at the Central Bank of Suriname for the US dollar on Friday was 31,867 Saudi riyals for purchase and 32,245 Saudi riyals for sale. The value of the purchase in euros was set at 32,675 Saudi riyals, and the sales amounted to 34,001 Saudi riyals.

In the 2020 elections, President Chandrikapersad Santokhi promised that the VHP will come up with a number of measures to stabilize the exchange rate within two years and bring it back below 7 SRD against the US dollar. Now, nearly three years later, the price hasn’t gone down, it’s gone up even more.

Vice President Ronnie Brunswick announced at the beginning of November last year that at the SR30 rate he believed it was time for the government to pack up. Now more than two months later, I’m silent about this in all languages.

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